Finance guru who correctly predicted Lehman Brothers collapse says, California is going bankrupt

The author of the bestseller 'Rich Dad, Poor Dad' has predicted a very grim economic future for California. Taking to X, Robert Kiyosaki has warned that California faces a dire fiscal situation, it may go broke. Worse, he has warned that other states could soon fall on hard times as well. In a post on the social media platform, he wrote that California is a bellwether state and what happens in California will happen to the rest of the US. He wrote that California will be bankrupt, it would begin raising taxes and cutting subsidies to the poor, to prisons, environmental problems and teachers unions. Kiyosaki wrote that this will increase crime as police will be cut. He added that since California is a bellwether state and is going broke, which states will follow?


Robert Kiyosaki: BTC best hedge against US economic crisis
The writer has also advised that Bitcoin (BTC), along with gold and silver, is the best hedge against a potential US economic crisis and dollar debasement caused by the printing of money, or what he calls “counterfeiting money.” He wrote on X that President Nixon took the dollar off the gold standard in 1971, consequently, the US Treasury and Federal Reserve Bank started counterfeiting money. Elaborating on it, he said that our schools do not teach anything about money or taxes, so 90% of the people today work for and save counterfeit, fiat, fake money. He cautioned that people working for ‘fake money’ is one of the primary reasons why the gap between rich and poor grows. Warning not to be a loser, he advised to stop working for and saving ‘fake money.’


Is the US economy heading toward recession?
Robert Kiyosaki's grim warning has come at a time when investment banker Goldman Sachs has said that there is a 25% possibility of a recession in the US economy. The warning came amid the collapse of the US capital market, raising unemployment and other economic parameters showing the signs of an impending recession. In a report published on Sunday, Goldman economists led by Jan Hatzius wrote that they see recession to be limited. The firm's chief economist and head of global investment research also wrote that the US economy appears to be "fine overall", and the Federal Reserve has enough scope to slash the interest rates.

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FAQs

What has Robert Kiyosaki said about California?
Robert Kiyosaki has warned that California faces a dire fiscal situation, it may go broke. Worse, he has warned that other states could soon fall on hard times as well.

Who is Robert Kiyosaki?
Robert Kiyosaki is a US businessman and author, known for the 'Rich Dad Poor Dad' series of personal finance books.